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Banking in Oklahoma, 1907-2000 (Hardcover)
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Banking in Oklahoma, 1907-2000 (Hardcover)
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The story of banking in twentieth-century Oklahoma is also the
story of the Sooner State's first hundred years, as Michael J.
Hightower's new book demonstrates. Oklahoma statehood coincided
with the Panic of 1907, and both events signaled seismic shifts in
state banking practices. Much as Oklahoma banks shed their frontier
persona to become more tightly integrated in the national economy,
so too was decentralized banking revealed as an anachronism,
utterly unsuited to an increasingly global economy. With creation
of the Federal Reserve System in 1913 and subsequent choice of
Oklahoma City as the location for a branch bank, frontier banking
began yielding to systems commensurate with the needs of the new
century.
Through meticulous research and personal interviews with bankers
statewide, Hightower has crafted a compelling narrative of Oklahoma
banking in the twentieth century. One of the first acts of the new
state legislature was to guarantee that depositors in
state-chartered banks would never lose a penny. Meanwhile, land and
oil speculators and the bankers who funded their dreams were
elevating get-rich-quick (and often get-poor-quick) schemes to an
art form. In defense of country banks, the Oklahoma Bankers
Association dispatched armed vigilantes to stop robbers in their
tracks.
Subsequent developments in Oklahoma banking include adaptation to
regulations spawned by the Great Depression, the post-World War II
boom, the 1980s depression in the oil patch, and changes fostered
by rapid-fire advances in technology and communication. The demise
of Penn Square Bank offers one of history's few unambiguous
lessons, and it warrants two chapters--one on the rise, and one on
the fall. Increasing regulation of the banking industry, the
survival of family banks, and the resilience of community banking
are consistent themes in a state that is only a few generations
removed from the frontier.
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